Generational conflict has been around for as long as there has been 2 or more generations present on the plant. What makes today different? Social media and the Internet have become the greatest equalizers. These innovations have enabled individuals to start a business or build a brand in an afternoon at a local coffee shop for $0. This puts a new urgency and accountability on the shoulders of leaders, corporations and personal brands. It’s become imperative that we understand tomorrow’s trends in order to leverage them as our catalysts for mega success in the future.
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todaysgoal Learn and leverage next generation trends to thrive in tomorrow’s multi-generation marketplace.
theagenda 1) the millennial 2) culture shifts 3) corporate shifts 4) consumer shifts
#1 THE MILLENNIAL
the generations Age Numbers iGen < 14 50+ million Millennials 14-34 80 million Gen X 35-49 51 million Boomers 50-68 76 million Builders 69-89 56 million* G.I. Generation 90+ 60 million*
2014workplace 36% 16% 18% 30% Builders (’25-’45) Baby Boomers (’46-’64) Generation X (’65-’79) Millennials (’80-’99)
2025workplace 75% 25% Millennials Other Generations
Millennials are a critical mass of early adopters.
#2 CULTURE SHIFTS
50% of Millennials. bloggers are
63% of Millennials have a Bachelor’s Degree making them the most educated generation in American history.
60% of Millennials (vs 29% of non- Millennials) are engaged in uploading videos, images and blog entries.
43% of Millennials have liked more than 20 brands on Facebook.
54% of Millennials either want to start a business or already have started one.
21% of freelancers are still enrolled in a university. of bloggers are Millennials.
25% of Millennials would give away personal information to get more relevant advertising.
97% of youth play computer and video games.
Millennials will insist on a more tech dependent, engagement rich, reward based, & transparent culture.
#3 CORPORATE SHIFTS
79% of Millennials would rather be mobile than static when working.
70% of Millennials might reject traditional business to work independently.
56% of Millennials won’t accept jobs from companies that ban social media.
63% of U.S executives will be eligible to retire in the next 5 years.
39% of Millennials want to work for companies that reward idea generation and creativity.
41% of Millennials prefer to be rewarded or recognized for their work at least monthly.
45% of Millennials will choose workplace flexibility over pay.
2 years is the average tenure for Millennials.
76% of iGen teens hope they will have a hobby that turns into a full- time job.
Millennials will demand more entrepreneurial, project-based, remote & innovative work.
#3 CONSUMER SHIFTS
2018 is the year Millennials will have the most spending power of any generation.
41% of Millennials have already made purchases with their smartphones.
60% of millennials are engaged in rating products & services.
63% of Millennials stay updated on brands through social networks.
:):( 84% of Millennials report that user-generated content influences what they buy.
51% of Millennials would share information with a company if they got something in return.
50% are more likely to buy a brand they know supports a cause.
Millennials desire a mobile, social conscious, and collaborative marketplace.
maintainperspective 1) constantly converse 2) closely listen 3) consume relevant content
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references Bazaar, 2013, http://resources.bazaarvoice.com/rs/bazaarvoice/images/ 201202_Millennials_whitepaper.pdf Boston College Center for Work & Family, Creating Tomorrow’s Leaders: the Expanding Roles of Millennials in the Workplace, Lauren Stiller Rikleen, 2011, http://www.bc.edu/content/dam/files/centers/cwf/pdf/BCCWF%20EBS-Millennials%20FINAL.pdf Mr Youth, 2013, http://www.howcoolbrandsstayhot.com/2012/01/23/meet-the-class-of-2015/] Forbes, May 2012, Generation Gap How Technology Has Changed How We Talk About Work, http://www.forbes.com/sites/ciocentral/2012/05/16/generation-gap-how-technology-has-changed-how- we-talk-about-work/ Jason Ryan Dorsey, Y-Size Your Business: How Gen Y Employees Can Save You Money and Grow Your Business (Wiley, 2009) Jeff Fromm & Christie Garton, Marketing To Millennials: Reach the Largest and Most Influential Generation of Consumers Ever (New York: Barkley Inc, 2013) Barkley, The Boston Consulting Group (BCG), and Service Management Group (SMG), 2011-2013 disclaimer The logos used in this presentation are the property of the respective third parties.